Meridian, Infratil keep NZX50 afloat as rising oil prices weigh
Comvita’s two biggest shareholders exited the honey business.
Monday, April 20th 2026, 6:19PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index eked out a small gain in a volatile day of trading, as investors weighed up the to-ing and fro-ing over the Strait of Hormuz as US President Donald Trump ratcheted up the rhetoric once more, with gains for Meridian Energy and Infratil making up much of the difference.
Brent crude oil prices bounced from their Friday slump after the strait was closed once again, while Ministry of Business, Innovation and Employment figures showed the domestic petrol and diesel supply dipped, while Air New Zealand rallied after an increase in jet fuel holdings.
Locally, Statistics New Zealand’s inflation figures and the NZ Institute of Economic Research’s quarterly business confidence survey remain high on the agenda, feeding into expectations for the Reserve Bank’s presumed rate hike cycle.
And Comvita’s biggest shareholders have exited the register as the honey products maker shores up its balance sheet with a new cornerstone investor.
Edging up
The NZX50 increased 9.78 points, or 0.1%, to 12,915.45, with 23 stocks gaining, 26 declining, and one unchanged. Turnover across the main board was $144.3 million, of which Fisher & Paykel Healthcare accounted for $26.9 million as it slipped 0.7% to $37.78.
Stocks across Asia were broadly stronger as investors took the latest ructions in the Middle East in their stride, even with a 5.4% jump in Brent crude oil futures to US$95.29 a barrel at 5pm in Auckland.
Australia’s S&P/ASX 200 index was fractionally higher in late trading, while Japan’s Nikkei 225 increased 0.8% and Hong Kong’s Hang Seng was up 0.8%.
The local bourse was buoyed by heavyweights Meridian and Infratil, which respectively gained 2% to $5.65 and 2.1% to $12.30. Morgan Stanley analysts trimmed their target price for Infratil by 3% to $14.55, while Forsyth Barr’s team maintained their $6.15 target price and ‘neutral’ rating on Meridian.
“Meridian Energy had a very strong 3Q26, boosted by a near-record March 2026 performance, such that it is back on track to meet our FY26 forecast (which was looking questionable),” Forsyth Barr analysts Andrew Harvey-Green and Hugh Lockwood said in a note to clients. “Meridian is playing catch-up with its development pipeline and is a relatively expensive alternative to its peers.”
Air New Zealand led the benchmark index higher, up 2.3% at 45 cents, joining a rally among carriers that kicked off on Friday, with ASX-listed Qantas Airways up 1.4% in late trading, while Virgin Australia dipped 0.4%.
MBIE figures today showed jet fuel supply increased 4.3 days to 51.4 days of supply, whereas diesel stocks on- and offshore slipped 0.6 days to 44.8 days and petrol holdings declined 2.3 days to 54 days.
Channel Infrastructure dipped 0.3% to $2.94 after confirming contract details with the government to expand diesel storage at the Marsden Point precinct, which is expected to generate monthly revenue of $1.2 million.
Inflation nerves
Interest rate sensitive property companies were among the steepest decliners on the bourse ahead of Stats NZ’s March consumers price index to be release on Tuesday, which is expected to show an annual pace of inflation of 2.9%. NZIER’s quarterly survey of business opinion is due the same day, and will show whether firms are feeling able to pass on their increased costs to customers.
Stride Property fell 3.4% to $1.15, Goodman New Zealand dropped 2.6% to $1.86, Precinct Properties NZ declined 2.4% to $1 and Vital Healthcare Property Trust slipped 2.1% to $1.85.
Kiwi Property Group was the most heavily traded stock on the day with a volume of 2.5 million shares changing hands, as it decreased 0.6% to 89.5 cents.
Kiwibank economists Jarrod Kerr and Alexandra Turcu said in a note that unless there’s growth in consumer demand, increased prices from the energy shock will likely be temporary.
“The March 2026 quarter only got to see the very beginning of the oil crisis, so we don’t expect next week’s numbers to show much price pressure,” they said in a note. “The June quarter is when the true impact will be felt.”
The kiwi dollar traded at 58.78 US cents at 5pm in Auckland from 58.88 cents last week, while the yield on 10-year government bonds fell 9 basis points to 4.6%.
Travel software firm Serko posted the biggest decline on the day, falling 4.2% to $1.70, while Gentrack gained 2.2% to $6.03 and Vista Group International rose 1.1% to $1.82.
Outside the benchmark index, Comvita was unchanged at 69 cents. The honey products maker’s biggest shareholder, Li Wang, announced her exit from the register in notice to the stock exchange, selling her 12% stake at 68 cents, or $5.8 million, through Craigs Investment Partners. The transaction was ordered on April 16 and settled today, with Neville Cook’s PHC Investments the buyer.
China Resources disclosed the sale of its 6.3% stake at 68 cents on Friday, with Stone Shi’s Kauri NZ increasing its holding to 11%.
Paul is a staff writer for Good Returns based in Wellington.
| « NZX50 sinks 2.1% this week as inflation creep starts to weigh |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
